1. Risk Management Planning
Based on all available project and historical information, the team conducts planning meetings to develop an overall Risk Management Plan.

4. Quantitative Risk Analysis
The team estimates and measures the probability and impact of the identified risks to determine the implications for project success.

2. Risk Identification
Based on the project plan and methods for risk identification (such as WBS, cause and effect, and historical records), the project team identifies the risks and the symptoms that would indicate that a risk may trigger on a schedule date.

5. Risk Response Planning
The project team chooses among the techniques of risk avoidance, transfer, mitigation, acceptance, and others to develop a risk response plan, to establish processes, and to allocate appropriate contingency reserves.

3. Qualitative Risk Analysis
The team performs a qualitative analysis of the identified risks to prioritize the risks based on their effects on the project (Risk Matrix).

6. Risk Monitoring and Control
The team continues to identify new risks, monitor the status of the risks already identified, and take corrective and preventive actions to deal with risks and risk symptoms as they arise.